BidaskClub downgraded shares of CIT Group Inc (DEL) (NYSE:CIT) from a buy rating to a hold rating in a research note released on Monday, July 31st.
A number of other research firms have also weighed in on CIT. Bank of America Corporation raised shares of CIT Group Inc (DEL) from a neutral rating to a buy rating in a report on Wednesday, April 26th. BTIG Research reaffirmed a buy rating and set a $57.00 target price on shares of CIT Group Inc (DEL) in a report on Tuesday, July 25th. They noted that the move was a valuation call. ValuEngine raised shares of CIT Group Inc (DEL) from a hold rating to a buy rating in a report on Thursday, July 27th. Credit Suisse Group reaffirmed a hold rating and set a $48.00 target price on shares of CIT Group Inc (DEL) in a report on Sunday, July 2nd. Finally, Keefe, Bruyette & Woods set a $46.00 price target on shares of CIT Group Inc (DEL) and gave the stock a hold rating in a report on Saturday, May 27th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. CIT Group Inc (DEL) currently has an average rating of Hold and a consensus price target of $45.96.
CIT Group Inc (CIT) opened at 46.30 on Monday. The company’s market capitalization is $6.27 billion. CIT Group Inc has a 12-month low of $34.38 and a 12-month high of $50.40. The firm has a 50-day moving average of $48.41 and a 200 day moving average of $45.20.
CIT Group Inc (DEL) (NYSE:CIT) last announced its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.68 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.08. The company had revenue of $605 million for the quarter, compared to analysts’ expectations of $500.05 million. CIT Group Inc (DEL) had a negative net margin of 20.50% and a positive return on equity of 5.66%. CIT Group Inc (DEL)’s revenue was down 6.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.07 EPS. Analysts forecast that CIT Group Inc will post $2.77 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 11th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, August 9th. This represents a $0.60 annualized dividend and a dividend yield of 1.30%. CIT Group Inc (DEL)’s payout ratio is -18.02%.
CIT Group Inc (DEL) declared that its Board of Directors has initiated a stock buyback program on Thursday, April 27th that allows the company to repurchase $2.75 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 29.5% of its stock through a dutch auction. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.
In other CIT Group Inc (DEL) news, insider James L. Hudak sold 2,250 shares of the firm’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $44.50, for a total transaction of $100,125.00. Following the completion of the sale, the insider now directly owns 59,621 shares in the company, valued at approximately $2,653,134.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Edward K. Sperling sold 4,480 shares of the firm’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $45.76, for a total transaction of $205,004.80. Following the sale, the executive vice president now owns 10,562 shares of the company’s stock, valued at $483,317.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,974 shares of company stock valued at $726,471. 0.47% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new stake in shares of CIT Group Inc (DEL) during the first quarter worth approximately $115,000. Korea Investment CORP bought a new stake in shares of CIT Group Inc (DEL) during the second quarter worth approximately $122,000. Advisor Group Inc. raised its stake in shares of CIT Group Inc (DEL) by 2.2% in the second quarter. Advisor Group Inc. now owns 3,030 shares of the financial services provider’s stock worth $146,000 after buying an additional 66 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of CIT Group Inc (DEL) by 3.2% in the first quarter. Pacer Advisors Inc. now owns 3,848 shares of the financial services provider’s stock worth $165,000 after buying an additional 121 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of CIT Group Inc (DEL) during the first quarter worth approximately $199,000. Institutional investors and hedge funds own 99.77% of the company’s stock.
About CIT Group Inc (DEL)
CIT Group Inc (CIT) is a bank holding company (BHC) and a financial holding company (FHC). The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America. The Company’s segments include Commercial Banking, Consumer Banking, Non-Strategic Portfolios, and Corporate and Other.
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